Tips to Stop Living Paycheck to Paycheck

by Miranda Marquit · 0 comments

Most Americans live paycheck to paycheck, and that means that many Americans worry about paying their bills and meeting basic living expenses.

Indeed, a recent survey from indicates that 41 percent of Americans say that their number one financial priority is getting caught up on bills or staying current on living expenses. If you are living paycheck to paycheck, and trying to figure out how you can get out of your rut, here are some of the steps you can follow that might help:

Acknowledge Your Current Position

The first step to making any sort of change — including a financial change — is to acknowledge your current position. It’s not always easy to see where you are, and admit to your mistakes. Figure out where you are, and how you got here. If you are in debt, consider the actions that led to this point. No matter your situation, you can find something to improve upon. Be honest about your current and past shortcomings so that you can see what you need to address. The first step to making a good plan for the future is to know your starting point.

Know What You Can Do to Move Forward

Now that you know where you stand, you should take the time to figure out what you can do about the situation. You want to be able to move forward, and leave the past behind. Take a look at your options. Are there places where you can cut your expenses? Do you have the ability to make more money?

Combining cutting your expenses with making more money is one of the best things you can do for your financial future. Stop spending on things that you don’t need, or that you don’t like. Get your priorities in order. You should also see if you can make more money on the side, whether it’s through picking up extra shifts, starting a business, or selling things you no longer use.

Consider Making Arrangements with Creditors

If your situation is especially dire, it makes sense to prioritize your bills. Identify the bills that need to be taken care of first, and talk to your other creditors to see if there is a way to work out a payment plan. It’s hard to get on your feet when you are stuck in a vicious cycle. Sometimes, making the right arrangements with creditors and service providers can help you get to a point where you can move forward.

Changing Your Habits

None of this matters, though, if you don’t change your overall financial habits and your approach to money. The idea is to make changes that you can carry through with. This might mean a little longer getting to the point that you are no longer living paycheck to paycheck, but the long-term result should be favorable. The last thing you want to do is return to the habits that got you in trouble in the first place.

Make it a point to change your habits, and improve your situation, and you’ll be pleasantly surprised at the result.

Bonus Tip:

You can seriously cut your Internet and TV costs. Find a Verizon FiOS promotion code here and you might be able to spend less every month.

{ 0 comments… add one now }

Leave a Comment

Previous post:

Next post: